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Side-by-side financial comparison of Garmin (GRMN) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($1.8B vs $1.2B, roughly 1.4× MARRIOTT VACATIONS WORLDWIDE Corp). Garmin runs the higher net margin — 23.1% vs -35.0%, a 58.1% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (14.0% vs -0.7%). Garmin produced more free cash flow last quarter ($469.4M vs $-6.0M). Over the past eight quarters, Garmin's revenue compounded faster (7.9% CAGR vs 5.2%).
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
GRMN vs VAC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $1.2B |
| Net Profit | $405.1M | $-431.0M |
| Gross Margin | 59.4% | — |
| Operating Margin | 24.6% | — |
| Net Margin | 23.1% | -35.0% |
| Revenue YoY | 14.0% | -0.7% |
| Net Profit YoY | 21.7% | -962.0% |
| EPS (diluted) | $2.09 | $-12.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.1B |
| Q1 26 | $405.1M | — | ||
| Q4 25 | $528.7M | $-431.0M | ||
| Q3 25 | $401.6M | $-2.0M | ||
| Q2 25 | $400.8M | $69.0M | ||
| Q1 25 | $332.8M | $56.0M | ||
| Q4 24 | $435.7M | $50.0M | ||
| Q3 24 | $399.1M | $84.0M | ||
| Q2 24 | $300.6M | $37.0M |
| Q1 26 | 59.4% | — | ||
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 57.3% | — |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 28.9% | — | ||
| Q3 25 | 25.8% | — | ||
| Q2 25 | 26.0% | — | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 28.3% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 22.7% | — |
| Q1 26 | 23.1% | — | ||
| Q4 25 | 24.9% | -35.0% | ||
| Q3 25 | 22.7% | -0.2% | ||
| Q2 25 | 22.1% | 6.0% | ||
| Q1 25 | 21.7% | 5.0% | ||
| Q4 24 | 23.9% | 4.0% | ||
| Q3 24 | 25.2% | 6.9% | ||
| Q2 24 | 20.0% | 3.5% |
| Q1 26 | $2.09 | — | ||
| Q4 25 | $2.72 | $-12.00 | ||
| Q3 25 | $2.08 | $-0.07 | ||
| Q2 25 | $2.07 | $1.77 | ||
| Q1 25 | $1.72 | $1.46 | ||
| Q4 24 | $2.24 | $1.29 | ||
| Q3 24 | $2.07 | $2.12 | ||
| Q2 24 | $1.56 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | $406.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.0B |
| Total Assets | $11.0B | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $406.0M | ||
| Q3 25 | $2.1B | $474.0M | ||
| Q2 25 | $2.1B | $205.0M | ||
| Q1 25 | $2.2B | $196.0M | ||
| Q4 24 | $2.1B | $197.0M | ||
| Q3 24 | $2.0B | $197.0M | ||
| Q2 24 | $1.9B | $206.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $2.0B | ||
| Q3 25 | $8.5B | $2.5B | ||
| Q2 25 | $8.1B | $2.5B | ||
| Q1 25 | $8.2B | $2.4B | ||
| Q4 24 | $7.8B | $2.4B | ||
| Q3 24 | $7.5B | $2.4B | ||
| Q2 24 | $7.0B | $2.4B |
| Q1 26 | $11.0B | — | ||
| Q4 25 | $11.0B | $9.8B | ||
| Q3 25 | $10.5B | $10.1B | ||
| Q2 25 | $10.3B | $9.9B | ||
| Q1 25 | $9.8B | $9.9B | ||
| Q4 24 | $9.6B | $9.8B | ||
| Q3 24 | $9.3B | $9.7B | ||
| Q2 24 | $8.9B | $9.6B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $536.0M | $6.0M |
| Free Cash FlowOCF − Capex | $469.4M | $-6.0M |
| FCF MarginFCF / Revenue | 26.8% | -0.5% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 1.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $536.0M | — | ||
| Q4 25 | $553.8M | $6.0M | ||
| Q3 25 | $485.6M | $62.0M | ||
| Q2 25 | $173.2M | $-48.0M | ||
| Q1 25 | $420.8M | $8.0M | ||
| Q4 24 | $483.9M | $100.0M | ||
| Q3 24 | $258.0M | $72.0M | ||
| Q2 24 | $255.3M | $30.0M |
| Q1 26 | $469.4M | — | ||
| Q4 25 | $429.6M | $-6.0M | ||
| Q3 25 | $425.1M | $51.0M | ||
| Q2 25 | $127.5M | $-68.0M | ||
| Q1 25 | $380.7M | $-6.0M | ||
| Q4 24 | $399.2M | $86.0M | ||
| Q3 24 | $219.4M | $58.0M | ||
| Q2 24 | $218.2M | $17.0M |
| Q1 26 | 26.8% | — | ||
| Q4 25 | 20.2% | -0.5% | ||
| Q3 25 | 24.0% | 4.3% | ||
| Q2 25 | 7.0% | -5.9% | ||
| Q1 25 | 24.8% | -0.5% | ||
| Q4 24 | 21.9% | 6.9% | ||
| Q3 24 | 13.8% | 4.8% | ||
| Q2 24 | 14.5% | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | 1.0% | ||
| Q3 25 | 3.4% | 0.9% | ||
| Q2 25 | 2.5% | 1.7% | ||
| Q1 25 | 2.6% | 1.3% | ||
| Q4 24 | 4.6% | 1.1% | ||
| Q3 24 | 2.4% | 1.1% | ||
| Q2 24 | 2.5% | 1.2% |
| Q1 26 | 1.32× | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 0.43× | -0.70× | ||
| Q1 25 | 1.26× | 0.14× | ||
| Q4 24 | 1.11× | 2.00× | ||
| Q3 24 | 0.65× | 0.86× | ||
| Q2 24 | 0.85× | 0.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRMN
Segment breakdown not available.
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
